Sophie Winter, Henning Zülch

• The empirical research focuses on strategy disclosure in management reports of German capital market-oriented companies and analyzes whether and in what quality these companies disclose strategy related information. The three main objectives of the research are: (1) to develop a scoring model to measure strategy disclosure; (2) to describe the quality of strategy disclosure of the analyzed companies using a scoring model; and (3) tThe empirical research focuses on strategy disclosure in management reports of German capital market-oriented companies and analyzes whether and in what quality these companies disclose strategy related information. The three main objectives of the research are: (1) to develop a scoring model to measure strategy disclosure; (2) to describe the quality of strategy disclosure of the analyzed companies using a scoring model; and (3) to formulate qualitative principles for strategy disclosure. Disclosure about strategy and strategic objectives were hand-collected through content analysis of management report. The sample comprises 110 German listed firms from 2014 to 2017. Management reports were reviewed on information about strategy analysis, strategy formulation, strategy implementation and strategy control. The results show that the quality level of strategy disclosure of the largest publicly listed German companies is mediocre in all three years. In general, there is a high level of information about the business eironment and opportunities/risks in the strategic context. In contrast, there is little disclosure for changes in strategy and strategic objectives and for the achievement of strategic objectives. The study develops a new comprehensive scoring model to measure voluntary strategy disclosure. Based on the scoring model principles are formulated for good strategy reporting. The results contribute to the previously little researched area of voluntary strategy disclosure in management reports and can be seen as a relevant source of information for iestors and business practitioners.